Rhode Island Lawmakers Move to Open Sports Betting Market
Rhode Island legislative leaders are making strides to dismantle the state’s exclusive sports betting monopoly. The House Committee on Finance recently held its first hearing on House Bill 6048, which proposes an open licensing framework, mirroring a similar Senate Bill 748 discussed just a day prior. If enacted, the state will accept applications for sportsbook licenses starting July 1, 2026, with at least five licenses available to commercial operators, thus eliminating the current single-operator structure held by Sportsbook Rhode Island.
Key proponents, including Rep. Matthew Dawson, emphasized that Rhode Island’s only sports betting provider has limited competition since its launch in 2019, contributing to a decline in betting revenues—from $49.3 million in 2022 to projected figures of $35.8 million in 2024. “For lack of a better term, it’s a monopoly. Competition is the backbone of all economy in this country,” Dawson stated, arguing that increased competition would benefit consumers and innovation.
The legislative push comes in response to troubling revenue trends, as the state’s sportsbook profit plummeted by nearly 25% in Fiscal Year 2024, according to a recent Auditor General report. Dawson noted that markets with multiple operators, such as Washington, D.C., have seen significant revenue surges post-expansion.
Both Dawson and FanDuel’s Mike Ventre, who testified at the Senate hearing, highlighted the potential benefits of a competitive market. "People are going to gamble. That’s just how things are going," Dawson concluded, indicating the necessity for Rhode Island to adapt its sports betting landscape to capture a larger share of the market. The legislative journey is now underway as Rhode Island looks to reshape its approach to sports wagering.
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